2025年回顾：品牌业绩承压、制造高开低走，纺服指数跑输大盘 （1）行业数据：服饰品牌社零增速平缓，纺织制造关税冲击下出口转弱。今年服装社零增速在Q2、Q3 低基数下并未明显加速，但9-10月基数升高的情况下，增长反而提速。东南亚鞋服类出口增速相对好于 中国，关税影响下，整体增速由年初至今呈现放缓趋势。（2）板块业绩总结：前三季度纺织制造业务 高开低走，服装家纺营收降幅收窄。细分板块中，运动服饰细分赛道品牌流水增速较好，休闲家纺线上 渠道普遍好于线下，代工制造收入增长放缓，纺织材料外销增长好于内销。（3）行情复盘：A股年内 纺服指数跑输大盘，品牌预期持续下调，制造估值缓慢波动上升;港股年内纺服指数同样跑输大盘，重 点公司基本面小幅下滑、估值跟随大盘波动. 国信证券发布研报称，2025年纺服行业整体承压，品牌端表现平淡，制造端受关税影响出口前高后低。 2026年预计制造端将先于品牌服饰企稳复苏，投资或聚焦于三方面，具有持续增长韧性的运动户外赛 道、受益于订单回稳且具备效率优势的优质制造企业，以及能够通过产品创新与营销突破实现品牌革明 的公司。 国信证券主要观点如下： 2026年展望，纺织制造企稳预期先于品牌服饰 ...

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, particularly recommending companies involved in sports manufacturing and non-woven fabric sectors [3][9]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 0.8% from November 3 to November 7, 2025, surpassing the SW All A index by 0.2 percentage points [4]. - October textile and apparel exports faced pressure, with a year-on-year decline of 12.6%, but recent US-China trade negotiations may lead to a gradual recovery in the export chain [9][11]. - The report highlights the potential for growth in the outdoor apparel segment due to the upcoming winter season and the 2026 Milan Winter Olympics, recommending brands like Bosideng [11][12]. Summary by Sections Industry Performance - The SW apparel and home textiles index increased by 2.2%, outperforming the SW All A index by 1.6 percentage points, while the SW textile manufacturing index rose by 1.0% [4]. - Retail sales in the apparel, footwear, and textile categories totaled 1,061.3 billion yuan from January to September, reflecting a 3.1% year-on-year growth [26]. Export Data - In October, China's textile and apparel exports amounted to $22.26 billion, down 12.6% year-on-year, with textile yarns and fabrics at $11.258 billion (down 9.0%) and clothing at $11.004 billion (down 16.0%) [33][34]. Cotton and Wool Prices - As of November 7, the national cotton price B index was reported at 14,792 yuan/ton, a slight increase of 0.1% for the week, while international cotton prices showed a decline [34]. - The Australian wool price index was reported at 924 cents/kg, reflecting a year-on-year increase of 23.4% [36]. Company Performance - Adidas reported a 3% year-on-year increase in revenue for Q3 2025, while Nike's revenue showed a slight recovery with a 1% increase [9][19]. - Nobon and Yanjing demonstrated strong growth in the non-woven fabric sector, with revenue increases of 23% and 17% respectively in Q3 2025 [10]. Market Opportunities - The report emphasizes the importance of domestic demand recovery in 2025, highlighting opportunities in high-quality domestic brands and the potential for a turnaround in the women's apparel sector [12][16].